US President Trump has threatened India with punitive tariffs of an unspecified quantity on high of the final tariff fee of 25% for purchases of Russian weapons and Russian power, Commerzbank’s commodity analyst Barbara Lambrecht notes.
Russia stays India’s most necessary oil provider
“The strain already appears to be having an impact. India’s 4 state-owned refineries reportedly stopped shopping for Russian oil this previous week, in line with Reuters, citing 4 sources conversant in the refineries’ plans. As an alternative, they’re mentioned to be shopping for oil on the spot market within the Center East and West Africa.”
“Bloomberg experiences, citing knowledgeable sources, that the Indian authorities needs to know from state-owned refineries how oil provides could be ensured if oil provides from Russia are not obtainable. Nevertheless, nearly all of India’s oil imports from Russia go to non-public refineries. Within the first half of the yr, these refineries bought virtually 60% of oil deliveries from Russia, which averaged 1.8 million barrels per day.”
“Russia accounts for round 35% of India’s whole oil imports, making it India’s most necessary oil provider. It’s unlikely that India will be capable to fully abandon Russian oil within the quick time period, particularly as different nations are additionally below strain to search for various suppliers.”
